The former Secretary of State and leader of the Liberal Democrats, Sir Vince Cable, has joined the hydrogen refuelling roll out by Element Two as a Non-Executive Director.
Element Two is a UK-based venture capital backed deployer of Hydrogen Refuelling Stations (HRS) and a retailer of hydrogen fuel to the consumer. The firm is investing in prime locations in the North of England, Scotland and Ireland, with plans to deploy over 800 pumps onto the UK network by 2027 and 2000 by 2030.
Sir Vince Cable, a former Chief Economist for Shell and a committed environmentalist, is now throwing his support behind the move towards hydrogen and Element Two, supporting the firm in its aspirations to become the UK’s leading provider of hydrogen and hydrogen led infrastructure.
He explained: “Hydrogen will undoubtedly form a key bridge in allowing us meet to net zero, particularly within the transport and heating industries. Production of hydrogen is a cornerstone of EU and UK energy policy and uptake of hydrogen fuelled vehicles is gathering momentum.
“It is essential that we have the right infrastructure in place to facilitate the needs of a hydrogen transport network and that aspirational and sustainable businesses such as Element Two have the right support to make this happen in terms of strategic guidance, investee and a broader brand awareness.
“Following a 20 year period subsidising renewables including solar, biomass, and wind, these now make up almost 9% of UK energy use. To meet net zero by 2050, the rate of decarbonisation of energy has to be orders of magnitude higher than the last two decades. “
Element Two provide refuelling stations, distribution and storage; allowing hydrogen producers to supply hydrogen to consumers and to drive confident investment in both hydrogen production and hydrogen powered vehicles.
Tim Harper CEO of Element Two added: “Having Sir Vince Cable on board inevitably adds further gravitas and weight to the business, building further upon an existing high calibre of senior board members and directors. He owns an exceptional understanding of the energy markets and how they operate with strong political and government associations.
“Together, we are committed to building an enterprise that has the infrastructure, knowledge and resources to play a leading role in the movement towards a hydrogen-led transportation industry.”
Dirk Van Daele, Chairman of Element Two added: “This further strengthening of the board sets us further on the path to become an interesting UK hydrogen infrastructure opportunity for institutional investors.”